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WGR
WGR
WGR - Wits Gold - Change statement, audited abridged reports and notice of
annual general meeting
Witwatersrand Consolidated Gold Resources Limited
(Registration Number 2002/031365/06)
Share Code: WGR & ISIN: ZAE000079703
(Wits Gold or The Company)
Change statement, audited abridged reports and notice of Annual General Meeting
1. Change statement
Shareholders are advised that the Annual Report will be posted to shareholders
on 31 August 2007. This report contains the annual financial statements for the
year ended 28 February 2007 and contains certain modifications, as indicated,
to the preliminary report which was published on 9 May 2007.
2. Audited condensed reports
Condensed income statement for the year ended 28 February 2007
2007 2006
Audited Audited restated
Rand Rand
Revenue - -
Operating loss 1 (20,326,845) (5,017,253)
Net finance income 2,660,051 1,880,101
Fair value gain on financial asset 14 226 173 -
Loss for the year before taxation 2 (3,440,621) (3,137,152)
Taxation - -
Loss for the year 3 (3,440,621) (3,137,152)
Loss per share and diluted
loss per share
Weighted average number of
shares in issue 24,931,013 24,653,106
Basic and headline loss
per share (cents) 4 13.80 12.73
Diluted weighted average number of
shares in issue 25,218,468 24,991,662
Diluted basic loss
per share (cents) 5 19.25 23.99
Condensed balance sheet as at 28 February 2007
2007 2006
Reviewed Audited restated
Rand Rand
Assets
Non-current assets 42 020 577 18,521,734
Current assets 44,324,084 26,156,486
Total assets 86 344 661 44,678,220
Equity and liabilities
Capital and reserves 84 125 950 43,912,855
Current liabilities 2,218,711 765,365
Total equity and liabilities 44,678,220
86 344 661
Net asset value per share (cents) 328.48 178.12
Number of shares in issue 25,610,988 24,653,106
Condensed cash flow statement as at 28 February 2007
2007 2006
Reviewed Audited restated
Rand Rand
Cash flows from operating activities
Cash utilised in operating activities (13,964,101) (1,487,693)
Net finance income 2,660,051 1,880,101
Net cash (utilised in)/generated by
operating activities (11,304,050) 392,408
Cash flows from investing activities
Net cash utilised in investing activities (9 389 636) (3,567,833)
Cash flows from financing activities
Net cash generated by/(utilised in)
financing activities 38,304,313 (1,518,601)
Increase/(decrease ) in cash and cash
equivalents 17,610,627 (4,694,026)
Cash and cash equivalents at the
beginning of the year 26,093,176 30, 787,202
Cash and cash equivalents at the end of
the year 43,703,803 26,093,176
Statement of changes in equity for the year ended 28 February 2007
Equity-settled
Ordinary Share share-based
share capital premium payment reserve
Rand Rand Rand
Balance at 28 February
2005 - Audited 246,531 47,092,879 339,500
Loss for the year
Equity-settled
sharebased payments 2,194,880
Balance at 28 February
2006 - Audited 246,531 47,092,879 2,534,380
Loss for the year 6
Equity-settled share-
based payments 7 5,306,184
Issue of shares 9,579 38,673,931
Qualifying costs of
share issues (335,978)
Balance at 28 February
2007 - Reviewed 256,110 85,430,832 7,840,564
Accumulated
loss Total
Rand Rand
Balance at 28 February
2005 - Audited (2,823,783) 44,855,127
Loss for the year (3,137,152) (3,137,152)
Equity-settled
sharebased payments 2,194,880
Balance at 28 February
2006 - Audited (5,960,935) 43,912,855
Loss for the year 6 (3,440,621) (3,440,621)
Equity-settled share-
based payments 7 5,306,184
Issue of shares 38,683,510
Qualifying costs of
share issues (335,978)
Balance at 28 February
2007 - Reviewed (9,401,556) 84 125 950
3. Notes to modifications
The changes relate to the expensing of an employee share-based payment
transaction amounting to R702,263 which does not affect the cash flow. The
lines that have changed are as follows;
Reference Line item Previous Modified
Rand Rand
1 Operating loss (19,624,582) (20,326,845)
2 Loss for the year before taxation (2,738,358) (3,440,621)
3 Loss for the year (2,738,358) (3,440,621)
4 Basic and headline loss
per share (cents) 10.98 13.80
5 Diluted basic loss per share (cents) 16.47 19.25
6 Loss for the year (2,738,358) (3,440,621)
7 Equity-settled share-based payments (4,603,921) 5,306,184
4. Notice of the Annual General Meeting
Notice is hereby given that the 4th Annual General Meeting of the members of
the Company will be held at the Main Auditorium of the JSE Limited, One
Exchange Square, Gwen Lane, Sandown on the 12th of October 2007 at 14.00 hours,
to transact the business as stated in the Notice of the Annual General Meeting
which is included as part of the Annual Report released today.
31 August 2007
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 31/08/2007 15:00:02 Produced by the JSE SENS Department.
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